Gigabyte: a lone voice in the equities wilderness

Gigabyte Technology has completed a debut convertible in a global equity market almost bereft of other offerings.
A $100 million transaction for one of the world's top three largest motherboard manufacturers closed three times oversubscribed on Wednesday, according to lead manager Nomura. Bankers attribute the deal's completion and success to the use of a defensive rolling put structure and the inherent credit quality of a company, whose stable cash flows appeal to fixed income investors.

In the current market environment, a transaction needs a relatively short maturity to be sure of getting done, says one observer. What this example shows is that, although global markets may be volatile, deals can get still be executed well from certain countries, depending on the merits of the...

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